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PKR’s Rafizi Ramli says Lembaga Tabung Haji only made a profit of RM7.6 million when it sold the FGV shares in 2012, the last time the fund sold such shares. ― Picture by Saw Siow Feng KUALA LUMPUR, Feb 16 ― Lembaga Tabung Haji (LTH) has lost RM933 million from the Muslim pilgrimage fund's investment in Felda Global Ventures (FGV) whose shares have been plunging, PKR lawmaker Rafizi Ramli alleged today.

The PKR secretary-general said LTH had paid RM1.3 billion to purchase shares from the plantation giant, but added the shares are currently only worth RM454 million since FGV was listed in 2012.

Rafizi also said LTH only made a profit of RM7.6 million when it sold FGV shares in 2012, with the last major transaction on July 12, 2012, of a sale of 750,000 shares.

“This means that even though FGV shares have been plunging, Tabung Haji didn't take any action to protect depositors' funds of RM1.3 billion that were invested in FGV,” Rafizi told a press conference here.

The federal opposition MP said although others may dismiss the RM933 million as a “paper loss,” it was important as it would affect LTH's asset valuation.

“The loss of RM933 million is a big indicator of Tabung Haji's finances,” said Rafizi.

The Pandan MP claimed it was a “political” decision for LTH not to sell off the FGV shares, pointing out that other government fund managers like the Employees Provident Fund (EPF) and the Retirement Fund Incorporated (KWAP) have been trying to cut their losses in FGV by reducing their shares from 2012 to 2015.

According to Rafizi, the average price of an FGV share for the week starting February 15 this year was RM1.60, compared to RM4.55 back on June 28, 2012, when the state plantation company was listed.

LTH was recently forced to defend its financial health when letters from Bank Negara Malaysia, which said the pilgrimage fund's reserves were in the negative, were leaked on the Internet.